Accounting for derivative instruments and hedging activities (Tables)

9 Months Ended

Sep. 30, 2020

Accounting for derivative instruments and hedging activities

Schedule of notional volumes of forecasted transactions


				September 30,		December 31,
		Units		2020		2019
Natural gas swaps		Natural Gas (MMBtu)		13.5		16.3
Gas purchase agreements		Natural Gas (Gigajoules)		6.0		6.4
Interest rate swaps		Interest (US$)		421.6		468.4

Schedule of fair value of derivative instruments


		September 30, 2020
		Derivative			Derivative
		Assets			Liabilities
Derivative instruments designated as cash flow hedges:
Interest rate swaps current		$	—		$	0.6
Interest rate swaps long-term			—			1.1
Total derivative instruments designated as cash flow hedges			—			1.7
Derivative instruments not designated as cash flow hedges:
Interest rate swaps current			—			4.8
Interest rate swaps long-term			—			1.9
Natural gas swaps current			—			0.1
Natural gas swaps long-term			—			1.7
Gas purchase agreements current			—			3.6
Gas purchase agreements long-term			—			4.4
Convertible debenture conversion option			—			1.5
Total derivative instruments not designated as cash flow hedges			—			18.0
Total derivative instruments		$	—		$	19.7


		December 31, 2019
		Derivative			Derivative
		Assets			Liabilities
Derivative instruments designated as cash flow hedges:
Interest rate swaps current		$	—		$	0.4
Interest rate swaps long-term			—			1.1
Total derivative instruments designated as cash flow hedges			—			1.5
Derivative instruments not designated as cash flow hedges:
Interest rate swaps current			—			1.9
Interest rate swaps long-term			—			1.1
Natural gas swaps current			—			1.9
Natural gas swaps long-term			—			4.2
Gas purchase agreements current			0.7			4.6
Gas purchase agreements long-term			—			9.5
Convertible debenture conversion option			—			3.2
Total derivative instruments not designated as cash flow hedges			0.7			26.4
Total derivative instruments		$	0.7		$	27.9

Schedule of changes in OCI attributable to derivative financial instruments designated as cash flow hedges


		Interest Rate
Three Months Ended September 30, 2020		Swaps
Accumulated OCI balance at July 1, 2020		$	1.3
Change in fair value of cash flow hedges			—
Realized from OCI during the period			0.1
Accumulated OCI balance at September 30, 2020		$	1.4

		Interest Rate
Three Months Ended September 30, 2019		Swaps
Accumulated OCI balance at July 1, 2019		$	1.4
Change in fair value of cash flow hedges			—
Realized from OCI during the period			—
Accumulated OCI balance at September 30, 2019		$	1.4

		Interest Rate
Nine Months Ended September 30, 2020		Swaps
Accumulated OCI balance at January 1, 2020		$	1.6
Change in fair value of cash flow hedges			(0.5)
Realized from OCI during the period			0.3
Accumulated OCI balance at September 30, 2020		$	1.4

		Interest Rate
Nine Months Ended September 30, 2019		Swaps
Accumulated OCI balance at January 1, 2019		$	1.6
Change in fair value of cash flow hedges			(0.4)
Realized from OCI during the period			0.2
Accumulated OCI balance at September 30, 2019		$	1.4

Summary of realized loss (gain) for derivative instruments not designated as cash flow hedges

The following table summarizes realized loss (gain) for derivative instruments not designated as cash flow hedges:


		Classification of loss (gain)		Three Months Ended September 30,						Nine Months Ended September 30,
		recognized in income		2020			2019			2020			2019
Gas purchase agreements		Fuel		$	2.1		$	2.1		$	6.2		$	6.1
Natural gas swaps		Fuel			0.8			0.6			2.4			0.5
Interest rate swaps		Interest, net			1.7			(0.9)			2.9			(4.6)

Summary of the unrealized gain (loss) resulting from changes in the fair value of derivative financial instruments that are not designated as cash flow hedges


		Classification of (loss) gain		Three Months Ended September 30,						Nine Months Ended September 30,
		recognized in income		2020			2019			2020			2019
Natural gas swaps		Change in fair value of derivatives		$	3.8		$	(1.0)		$	4.4		$	(3.5)
Gas purchase agreements		Change in fair value of derivatives			2.5			3.7			4.9			3.5
Interest rate swaps		Change in fair value of derivatives			1.8			(1.6)			(3.7)			(8.3)
				$	8.1		$	1.1		$	5.6		$	(8.3)
Convertible debenture conversion option		Other (income) expense, net		$	(3.8)		$	(0.3)		$	(1.8)		$	1.5